Understanding Your Residential Off the Plan Purchase
Understanding Your Residential Off the Plan Purchase
Buying a home is a big decision and one that can be daunting. But with the right
advice and understanding, you can make the right decision for you and your
family. In this blog post, we’ll be discussing residential off the plan
purchases in the Australian market.
What is an Off the Plan Purchase?
An off the plan purchase is when you buy a property before it is built. This
means you are buying the property based on plans and specifications provided by
the developer. You are essentially buying a property that doesn’t exist yet.
The Benefits of an Off the Plan Purchase
There are many benefits to buying off the plan. Firstly, you can often get a
good deal on the property as the developer is keen to get the project off the
ground. Secondly, you can often get a property in a desirable location that you
may not have been able to afford otherwise. Thirdly, you can often get a
property with modern features and finishes that you may not have been able to
afford otherwise.
The Risks of an Off the Plan Purchase
As with any purchase, there are risks associated with an off the plan purchase.
Firstly, the property may not be built to the specifications that were promised.
Secondly, the property may not be built on time and you may have to wait longer
than expected to move in. Thirdly, the property may not appreciate in value as
much as you had hoped.
How to Make an Off the Plan Purchase
If you’ve decided that an off the plan purchase is right for you, there are a
few steps you need to take. Firstly, you need to find a reputable developer who
has a good track record of delivering quality projects on time. Secondly, you
need to get a copy of the contract and read it carefully to make sure you
understand all the terms and conditions. Thirdly, you need to get a copy of the
plans and specifications and make sure they meet your expectations. Finally, you
need to get a home loan pre-approval so you know how much you can borrow and
what your repayments will be.
Getting a Home Loan for an Off the Plan Purchase
Getting a home loan for an off the plan purchase can be tricky as lenders are
often reluctant to lend on a property that doesn’t exist yet. However, there are
some lenders who are willing to lend on off the plan purchases. It’s important
to shop around and compare home loan products to find the best deal for you.
At Ello Lending, we understand the complexities of off the plan purchases and
we’re here to help. We have a team of experienced mortgage brokers who can help
you find the right home loan for your off the plan purchase. We’ll take the time
to understand your needs and find the best loan for you.
We understand that buying a home is a big decision and we’re here to help you
make the right decision for you and your family. If you have any questions about
off the plan purchases or home loans, please don’t hesitate to get in touch.
We’d love to help you get into your dream home.
